Since 2001, Korea has been establishing and executing policy for the development of nanotechnology in accordance with the National Comprehensive Development Plan of Nanotechnology (NCDPN) periods I, II, and III. NCDPN has been focused on innovation in wide spectrum of technology development, and NT-based convergence technologies are expected to contribute 35 % of the total GDP (about 5.02 billion won) with 1.2 million of job creation in KOREA at 2020. Establishment of new strategies for innovating and commercializing nanotechnology is an emerging global issue in major countries including the United States, Japan, Germany, and Korea, with particular concerns for safety in the implementations of nanotechnology (EHS). Under these circumstances, Korea needs to create a post-catch-up strategy beyond fast-follower approach, to compete effectively with nanotechnology-leading countries. This study analyzes the current status of Korean nanotechnology development and relevant policies, and suggests future policy directions for the new Korean government based on innovative competition theory.